Question
In: Accounting
You are provided with the following information about Bramble Inc.’s inventory for the month of August:...
You are provided with the following information about Bramble Inc.’s inventory for the month of August: Date Description Units Unit Cost Aug. 1 Beginning inventory 50 $90 4 Purchase 180 91 10 Sale (160 ) 18 Purchase 70 94 25 Sale (100 ) 28 Purchase 40 95 Collapse question part (a) Calculate the cost of ending inventory and cost of goods sold using FIFO in (1) a periodic inventory system, and (2) a perpetual inventory system. Periodic Inventory System Perpetual Inventory System Cost of Ending Inventory $ $ Cost of Goods Sold $
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Inventory information for Part 311 of Bramble Corp. discloses the following information for the month of...
Inventory information for Part 311 of Bramble Corp. discloses
the following information for the month of June.
June 1
Balance
303 units @ $14
June 10
Sold
201 units @ $34
11
Purchased
798 units @ $17
15
Sold
498 units @ $35
20
Purchased
497 units @ $18
27
Sold
299 units @ $38
Assuming that the perpetual inventory method is used and costs
are computed at the time of each withdrawal, what is the gross
profit if the...
Inventory information for Part 311 of Bramble Corp. discloses the following information for the month of...
Inventory information for Part 311 of Bramble Corp. discloses
the following information for the month of June.
June 1
Balance
303 units @ $14
June 10
Sold
201 units @ $34
11
Purchased
798 units @ $17
15
Sold
498 units @ $35
20
Purchased
497 units @ $18
27
Sold
299 units @ $38
Assuming that the perpetual inventory method is used and costs
are computed at the time of each withdrawal, what is the value of
the ending...
Joy Co.'s recorded inventory information for the month of August is as follows: Beginning Inventory 22...
Joy Co.'s recorded inventory information for the month of August
is as follows:
Beginning Inventory
22 units at $15 each
First Purchase
25 units at $18 each
Second Purchase
21 units at $20 each
Sales
48 units
a. Determine the total cost of ending inventory
according to FIFO method.
$
b. Determine the total cost of ending inventory
according to LIFO method.
$
Joy Co.'s recorded inventory information for the month of August is as follows: Beginning Inventory 22...
Joy Co.'s recorded
inventory information for the month of August is as follows:
Beginning Inventory
22 units at $15 each
First Purchase
25 units at $18 each
Second Purchase
21 units at $20 each
Sales
48 units
a.
Determine the total cost of ending inventory according to FIFO
method.
$
b.
Determine the total cost of ending inventory according to LIFO
method.
$
You have the following information for Bramble Corp. for the month ended October 31, 2022. Bramble...
You have the following information for Bramble Corp. for the
month ended October 31, 2022. Bramble uses a periodic method for
inventory. Date Description Units Unit Cost or Selling Price Oct. 1
Beginning inventory 65 $26 Oct. 9 Purchase 115 28 Oct. 11 Sale 95
40 Oct. 17 Purchase 95 29 Oct. 22 Sale 65 45 Oct. 25 Purchase 75 31
Oct. 29 Sale 105 45 Calculate the weighted-average cost. (Round
answer to 3 decimal places, e.g. 5.125.) Weighted-average cost...
You are provided with the following information for Pina Colada Inc. for the month ended June...
You are provided with the following information for Pina Colada
Inc. for the month ended June 30, 2019. Pina Colada uses the
periodic system for inventory.
Date
Description
Quantity
Unit Cost or
Selling Price
June
1
Beginning inventory
40
$40
June
4
Purchase
138
44
June
10
Sale
107
70
June
11
Sale return
13
70
June
18
Purchase
53
46
June
18
Purchase return
10
46
June
25
Sale
63
75
June
28
Purchase
26
50
Calculate weighted-average cost...
You are provided with the following information for Kingbird Inc. for the month ended June 30,...
You are provided with the following information for Kingbird
Inc. for the month ended June 30, 2019. Kingbird uses the periodic
system for inventory.
HELP!!!
Calculate weighted-average cost per unit. (Round
answer to 2 decimal places, e.g. 5.25.)
Calculate ending inventory, cost of goods sold,
gross profit under each of the following methods. (1) LIFO. (2)
FIFO. (3) Average-cost.
Calculate gross profit rate under each of the
following methods (1) LIFO (2) FIFO (3)
Average-cost
Compare the results for the...
You are provided with the following information for Najera Inc. for the month ended June 30,...
You are provided with the following information for Najera Inc.
for the month ended June 30, 2017. Najera uses the periodic method
for inventory.
Date
Description
Quantity
Unit Cost or
Selling Price
June
1
Beginning inventory
40
$40
June
4
Purchase
138
44
June
10
Sale
107
70
June
11
Sale return
13
70
June
18
Purchase
53
46
June
18
Purchase return
10
46
June
25
Sale
63
75
June
28
Purchase
26
50
Calculate cost per unit. (Round...
You are given the following information about Silk Company's inventory for the month of April....
You are given the following information about Silk Company's
inventory for the month of April.
Purchase
Sales
Date
Units
Cost per unit $
Date
Units
April 1
400
4.00
April 2
300
April 10
1,300
4.10
April 11
1,000
April 25
1,200
4.50
April 29
1,400
April 27
600
4.75
Instruction: Silk uses weighted average perpetual.
(a). Calculate the cost of ending inventory and
cost of goods sold. (Note: Round the weighted average cost per unit
to two decimal...
Alpha Corporation has the following information for the month of August: Purchases $ 92,000 Materials inventory,...
Alpha Corporation has the following information for the month of
August:
Purchases
$ 92,000
Materials inventory, August 1
6,000
Materials inventory, August 31
8,000
Direct labor
25,000
Factory overhead
37,000
Work in process, August 1
32,000
Work in process, August 31
23,500
Finished goods inventory, August 1
21,000
Finished goods inventory, August 31
30,000
Sales
252,000
Sales and administrative expenses
79,000
Prepare (a) a schedule of cost of goods manufactured, (b) an
income statement for the month ended August 31,
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